Financial software development can be a cost-effective solution if you choose to automate core business processes and other tasks. That’s why it is so important to learn how to choose a Financial software development company based on your needs. Although there are plenty of such vendors on the market, finding one that has the expertise to deal with your Financial project can be a challenge.
The majority of such businesses are based in well-known outsourcing locations (for example, Eastern Europe, Latin America, and Asia). According to Clutch, Europe is an absolute leader in the number of vendors: There are 1045 Financial software development companies. Knowing the basics will help you ensure that your custom Fintech solution will be delivered by professionals who know the ins and outs of this business vertical. Keep reading to discover more about how to derive maximum value from a software development partner.
The number of Fintech software development companies by country
No matter where you’re located, outsourcing your Financial software development is a great solution. Due to the significant talent shortage, the rates in your local market may be too high, so many businesses choose to build remote development teams in other countries. Locations like the CEE region can boast affordable prices and high-quality services. Here is a table demonstrating the number of Fintech software development companies in the most popular outsourcing destinations.
|Country||Number of Fintech software development companies|
As you can see, the number of vendors you can approach is overwhelming. But you don’t want to be disappointed by your choice, right? Here is a break-down of some critical things to look for when choosing a Fintech software development company:
- proven experience in developing Financial solutions;
- client testimonials;
- a serious attitude toward cybersecurity;
- availability of seasoned Fintech experts;
- availability of tech talent specializing in the Financial tech stack.
Now, let’s dive deeper into each point to understand how to determine if a company will meet your expectations.
Tips on how to choose the best Fintech software development company
The question of finding the best nearshore software development partner for your Fintech project might be a daunting one. Yet, don’t you worry, we’ve got you covered. Here are some tips you might find useful when embarking on the search.
Look for Fintech software development companies with proven experience
You probably want your vendor to provide you with a scalable and integrated ecosystem of Financial tools. Make sure that what they have to offer fits your business needs and will help you simplify Financial management, make it transparent and accurate, and make your business more profitable in the long run. End your hunt when you find a Financial software development company that has proven experience in developing Fintech applications with secure sign-ups and budget organization systems. You may also want to have long-term maintenance and support in case of any unforeseen situations.
Check client testimonials
Each Financial software development company with vast experience should have a portfolio with customer testimonials. Check out the company’s website to discover what other businesses similar to yours have to say about working with the company in question. What solutions did the company develop? What business outcomes did the customers achieve? After having answers to all those questions, you’ll be able to get a rough picture of what you can get by collaborating with the vendor.
Make sure that the vendor maintains a serious approach to cybersecurity
Financial and banking software development is impossible without prioritizing security, so your chosen Financial software development company has to apply a number of security measures in case of any data breach. Inquire about their intrusion detection systems and how they work – the more details, the better. You’ll also need to find out if the vendor has a disaster recovery plan at their disposal, and if they don’t, that’s one reason to question the Fintech software development company's qualifications.
Check for the availability of Fintech professionals
Experienced Fintech software engineers are in short supply, so be prepared to wait until your vendor has a chance to find the best available talent for your project. Remember that many Fintech engineers, like predictive analytics and data mining talent, are pretty hard to come by, even in a saturated labor market.
Don’t forget the availability of the tech stack for Fintech solutions
Although this factor is the last one on our list, it is arguably the most important one. If the vendor you’re considering doesn’t have the appropriate expertise, it is unlikely that you’ll be satisfied with the outcome. Technologies like AI, Big Data, data mining, Business Intelligence, biometrics, and Cloud computing are exactly what you need for the successful digitalization of your Financial services. If your future Financial software development company has engineers adept at these technologies, you’re in the right place.
We at nCube build teams of skilled software developers for Fintech projects based in Eastern Europe and Latin America. Our immediate access to a talent pool of over 100,000 engineers lets us create a customized Fintech team within several weeks. Our approach assumes adding dedicated engineers who will work for you and only for you 40 hours per week while being fully integrated into your company processes. As a vendor, we cover everything – from team formation, retention, and motivation to setting up a remote IT infrastructure. Contact us if you aim to access seasoned engineers in Finance and Fintech verticals on a dedicated model.